Finotec News Archive - June 01 2009
GBP takes full advantage of worn-out U.S. dollar
U.K. house prices stopped falling in May for the first time in 20 months, adding to evidence the property market slump is abating, a survey of real-estate agents by Hometrack Ltd. showed.
Anthony Boyajian 
01 June 2009
Print this article
Subscribe to RSS
| Long signal | Short signal | |
|---|---|---|
| Buy a break of resistance level at 1.6500 | Sell a break of support level at 1.6300 | |
| GBP/USD | Buy a break of resistance level at 1.6685 | Sell a break of support level at 1.6200 |
| Buy a bounce at 1.6300 | Sell a failure of breaking the resistance 1.6500 |
Fundamental
U.K. house prices stopped falling in May for the first time in 20 months, adding to evidence the property market slump is abating, a survey of real-estate agents by Hometrack Ltd. showed. Average prices in England and Wales held at 155,600 pounds ($251,000) after they declined 0.3 percent in April, the London- based property researcher said in an e-mailed statement today. On the year, values dropped 9.6 percent.
Technical
The U.K. currency gives us a strong buy signal after forming a higher high. Technically the market is in a clear uptrend as we can see strong demand in the market, based on technical indicators like RSI, which is in a bullish direction; MACD crosses the signal line and breaks equilibrium level. Bollinger gives us a buying signal by closing the candle above the middle band.
GBP/USD (Daily Chart)
The primary tendency is in a clear uptrend.
GBP/USD (4 Hour Chart)
The pair breaks standard error channel middle line.
GBP/USD (Hourly Chart)
The Minor trend shows us a clear double bottom.
Resistance
1.6500
1.6685
Support
1.6300
1.6200
Finotec Analysis Team
01 June 2009
The market review and analysis content on this site, including news, quotes, data and other information, is provided for your personal information only, and is not intended as a recommendation for trading purposes. Content on this site does not provide any form of advice (investment, tax, legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments or products. Finotec does not provide investment advice or recommendations to buy or sell securities.